The use of innovative credit rating models and inclusive digital financial instruments is the core of the 4th internet bank.
Four contenders have filed for approval to become Korea's fourth internet-only bank.
Toss Bank board members decided to raise capital by issuing new stocks worth 100 billion won ($75 million), the company announced Thursday.
Internet-only KakaoBank reported 78.72 billion won ($55 million) in net profit in the third quarter
K Bank reported a record net profit of 45.7 billion won ($34.9 million) in the first half, according to the bank on Tuesday. This is a turnaround from a net loss of 8.4 billion won in the first half of 2021.
Customers of internet banks are switching to commercial banks as traditional banks start introducing financial products with higher interest rates and internet banks lack a full range of services.
KakaoBank's net fell 17.7 percent in the second quarter to 57 billion won ($43.5 million), more than 20 percent lower than FnGuide’s 74.1-billion-won projection.
Internet-only banks are aggressively lending to borrowers with weak credit.
K bank, the first online bank to open in Korea, is issuing 1.25 trillion won ($1.12 billion) worth of new stock.
Korea JoongAng Daily Sitemap
